I see Patria Investments Limited (NASDAQ: PAX ) as a company that has built real momentum in the alternative asset space. The business has a broad platform across private equity, infrastructure, credit, real estate, and solutions, and that mix is helping it grow even in a moreWith over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline. My goal is to give individual investors a straightforward, honest view—what’s working, what isn’ ...

I see Patria Investments Limited (NASDAQ: PAX ) as a company that has built real momentum in the alternative asset space. The business has a broad platform across private equity, infrastructure, credit, real estate, and solutions, and that mix is helping it grow even in a moreWith over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline. My goal is to give individual investors a straightforward, honest view—what’s working, what isn’ ...

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, covering hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, staples, REITs, and utilities [1]

Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential and 17% year-over-year growth, while fee-earning AUM grew 6% sequentially and 20% year-over-year [6][29] - Total AUM reached $48.7 billion, with organic net inflows of over $600 million in Q2 2025 and $1.3 billion year-to-date [7][10] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, marking a 20% year-over-year and 6% sequential increase [10][24] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth capabilities [11] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - Local investors accounted for approximately 55% of fundraising in 2025, indicating a strong preference for local investment opportunities [21] - The company noted a shift in investor interest towards Latin America as a destination for capital allocation, influenced by geopolitical uncertainties in the U.S. [54][20] - The Brazilian REIT acquisitions are expected to add approximately $600 million in fee-earning AUM, enhancing the company's market position [66] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][21] - The strategy includes leveraging acquisitions to enhance growth, as demonstrated by the recent acquisition of seven listed REITs in Brazil [12][66] - The focus on resilient sectors such as agribusiness, food and beverage, and healthcare is expected to drive positive underlying business trends [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the three-year plan [21][30] - The company is well-positioned to navigate global macroeconomic uncertainties, with a focus on local consumption markets rather than export markets [17][20] - Management highlighted the importance of organic growth and the ability to generate revenue independent of M&A and investment returns [7][11] Other Important Information - The company reported a net accrued performance fee balance of $394 million, reflecting a 7% increase from the previous quarter [8] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] - A quarterly dividend of $0.15 per share was approved for 2025, indicating a commitment to returning value to shareholders [32] Q&A Session Summary Question: Expansion plans in Mexico - Management acknowledged Mexico as an attractive long-term market and discussed potential local partnerships in real estate and credit sectors [36][42] Question: Deployment pipeline in infrastructure - Management indicated a strong pipeline in infrastructure, particularly in Brazil and Colombia, with significant capital available for investment [44][45] Question: Clarification on fundraising guidance - Management clarified that the increased fundraising guidance excludes the recent REIT acquisitions, with interest coming from Asian, Middle Eastern, and local investors [50][52] Question: Timeline for REIT acquisitions consolidation - Management confirmed that the REIT acquisitions are already closed and will start contributing to results in Q3 2025 [66]

Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential increase and a 17% year-over-year growth [6][29] - Total AUM reached $48.7 billion, with fee-earning AUM growing 6% sequentially and 20% year-over-year [7][11] - The company generated over $600 million in organic net inflows into fee-earning AUM in Q2 2025, totaling $1.3 billion year-to-date [7][11] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, with a 20% year-over-year increase and a 6% sequential increase [11][25] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth [12] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - The company noted a shift in investor interest towards Latin America and Europe due to geopolitical uncertainties and high inflation concerns in the U.S. [17][20] - Local investors accounted for approximately 55% of fundraising in 2025, up from 68% in 2024 [21] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][22] - The strategy includes leveraging acquisitions to enhance fee-earning AUM, as demonstrated by the acquisition of seven listed REITs in Brazil [13][70] - The company is focusing on expanding its presence in Mexico, particularly in real estate and credit sectors, while maintaining a cautious approach to growth [37][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the year [22][30] - The company highlighted the resilience of its business model, which is designed to grow regardless of macroeconomic conditions [12][20] - Management noted that the current high interest rate environment is driving demand for credit and infrastructure investments [12][18] Other Important Information - The company reported a net accrued performance fee balance of $394 million, which rose approximately 7% from the previous quarter [9] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] Q&A Session Summary Question: Expansion in Mexico - The company sees Mexico as an attractive long-term market and is looking for local partners in real estate, credit, and infrastructure [36][37] - A small acquisition of a Mexican real estate fund was made, with plans to expand into logistics real estate [38][39] Question: Deployment Pipeline in Infrastructure - The company has a significant pipeline in infrastructure, particularly in Brazil and Colombia, focusing on toll roads and energy projects [45][46] Question: Fundraising Guidance Clarification - The increase in fundraising guidance is separate from the REIT acquisitions, with strong interest from Asian, Middle Eastern, and local investors [52][54] - The company is experiencing a shift in capital allocation towards Latin America due to geopolitical uncertainties [56] Question: Timeline for REIT Consolidation - The acquisition of REITs is already closed, and the numbers will be reflected in Q3 results [70]

Financial Performance - Patria reported IFRS net income attributable to shareholders of the parent company of $12.9 million for 2Q25[24] - Fee Related Earnings (FRE) reached $46.1 million in 2Q25, a 17% increase compared to 2Q24, with FRE per share at $0.29, up 11% year-over-year[39] - Distributable Earnings (DE) were $38.8 million in 2Q25, a 15% increase compared to 2Q24, with DE per share at $0.24, up 9% year-over-year[40] - Management fees totaled $81.0 million in 2Q25, up 15% compared to 2Q24[39] - Total fee revenues reached $81.1 million in 2Q25, reflecting a 14% increase from $71.1 million in 2Q24[40] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $48.7 billion as of quarter end, up 21% from $40.3 billion in 2Q24[39, 59] - Fee Earning AUM (FEAUM) totaled $37.2 billion, up 20% from $31.1 billion in 2Q24[39, 63] - The company has $3.3 billion in pending FEAUM as of quarter end[39] Fundraising and Deployment - Total fundraising amounted to $1.3 billion in 2Q25[39] - Total deployment in drawdown funds was $674 million in 2Q25[39] - The company expects full-year fundraising to be 5%-10% higher than the initial $6 billion target[28] Dividends and Corporate Actions - Patria declared a quarterly dividend of $0.15 per common share, payable on September 15, 2025[39] - The board approved a new 3 million share repurchase authorization[39]

Core Viewpoint - Patria Investments reported quarterly earnings of $0.24 per share, missing the consensus estimate of $0.30 per share, representing a -20.00% earnings surprise [1][2] Financial Performance - The company posted revenues of $81.1 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 0.92%, compared to $71.1 million in the same quarter last year [2] - Over the last four quarters, Patria Investments has surpassed consensus EPS estimates only once [2] Stock Performance - Patria Investments shares have increased approximately 20% since the beginning of the year, outperforming the S&P 500's gain of 7.8% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $83.98 million, and for the current fiscal year, it is $1.34 on revenues of $342.65 million [7] - The estimate revisions trend for Patria Investments was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Investment Management industry, to which Patria Investments belongs, is currently in the top 19% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8]

While a looming trade war and global economic concerns create potential headwinds, we believe we are well positioned to generate the $200 to $225 million of FRE we are targeting for 2025 as the increased diversification of our platform is paying off in terms of fundraising and profitable organic growth, enhancing our confidence in the three-year targets we introduced at our Investor Day back on December 9th." Financial Highlights (reported in $ USD) GRAND CAYMAN, Cayman Islands, Aug. 01, 2025 (GLOBE NEWSWIR ...

Unaudited Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Statement of Financial Position](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets increased to $1.33 billion from $1.21 billion, with liabilities rising to $777.8 million and equity to $556.2 million, driven by intangible assets and financial instruments Condensed Consolidated Statement of Financial Position (in thousands of US$) | Account | 03/31/2025 | 12/31/2024 | | :--- | :--- | :--- | | **Total Assets** | **1,333,992** | **1,206,107** | | Total Current Assets | 397,236 | 372,679 | | Total Non-current Assets | 936,756 | 833,428 | | **Total Liabilities** | **777,822** | **715,175** | | Total Current Liabilities | 410,813 | 397,390 | | Total Non-current Liabilities | 367,009 | 317,785 | | **Total Equity** | **556,170** | **490,932** | | Equity attributable to owners | 545,525 | 481,078 | | Non-controlling interests | 10,645 | 9,854 | [Unaudited Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Net revenue from services increased to $79.6 million in Q1 2025, but higher expenses reduced net income before tax to $14.6 million, with net income for the period slightly rising to $16.6 million Statement of Profit or Loss Highlights (in thousands of US$) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net revenue from services | 79,567 | 63,908 | | Personnel expenses | (29,068) | (18,445) | | Financial expense | (18,704) | (10,538) | | Net income before income tax | 14,604 | 20,073 | | Net income for the period | 16,558 | 15,853 | | Basic earnings per share (US$) | 0.09903 | 0.10289 | | Diluted earnings per share (US$) | 0.09791 | 0.10153 | [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2025 was $44.1 million, a significant turnaround from a $2.3 million loss in Q1 2024, driven by positive currency translation adjustments Comprehensive Income Summary (in thousands of US$) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income for the period | 16,558 | 15,853 | | Currency translation adjustment | 27,530 | (18,161) | | **Total comprehensive income for the year** | **44,088** | **(2,308)** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased to $556.2 million from $490.9 million, driven by net income, positive cumulative translation adjustments, and capital issuance, partially offset by dividends declared Key Changes in Equity in Q1 2025 (in thousands of US$) | Item | Amount | | :--- | :--- | | Balance on December 31, 2024 | 490,932 | | Net income for the period | 16,558 | | Cumulative translation adjustment | 27,530 | | Capital issuance | 52,784 | | Dividends declared | (23,589) | | **Balance on March 31, 2025** | **556,170** | [Unaudited Condensed Consolidated Statement of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities rose to $100.1 million in Q1 2025, while investing activities used $9.4 million and financing activities had a $90.1 million outflow, resulting in a $2.7 million increase in cash Cash Flow Summary (in thousands of US$) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 100,072 | 41,935 | | Net cash provided/(used) by investing activities | (9,433) | (52,768) | | Net cash (used)/provided in financing activities | (90,113) | 22,525 | | **Increase/(Decrease) in cash and cash equivalents** | **2,652** | **10,934** | Notes to the unaudited condensed consolidated interim financial statements [Note 1: General information](index=7&type=section&id=1%20General%20information) Patria Investments Limited, a Cayman Islands-domiciled public holding company, operates as a global private markets investment firm, expanding its product offerings through strategic acquisitions in various asset classes - The company completed its IPO on January 21, 2021, and its common shares trade on NASDAQ under the symbol "PAX" - As of March 31, 2025, the parent company, Patria Holdings Limited, held **52.23%** of the Company's common shares[17](index=17&type=chunk) - The Group has expanded its investment products through several key acquisitions in recent years, including Tria Energy (energy), Aberdeen Plc (global private market solutions), Moneda (credit), VBI, PAM, CSHG, and Nexus (real estate), and Igah and Kamaroopin (venture capital)[17](index=17&type=chunk)[18](index=18&type=chunk) [Note 8: Accounts receivable](index=14&type=section&id=8%20Accounts%20receivable) Total accounts receivable decreased to $178.5 million from $233.5 million, primarily due to the collection of $59.7 million in performance fees, with $71.2 million in postponed management fees expected to be recovered Accounts Receivable Breakdown (in thousands of US$) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | 159,362 | 217,132 | | Non-current | 19,170 | 16,402 | | **Total** | **178,532** | **233,534** | - Current accounts receivable as of December 31, 2024, included **$59.7 million** in performance fees from Patria Infrastructure Fund III, which was received on February 28, 2025[42](index=42&type=chunk) - A receivable of **$71.2 million** from PBPE Fund IV relates to postponed management fees. Management expects recovery within the next twelve months and has not recorded any allowance for uncollectible accounts[42](index=42&type=chunk) [Note 12: Investments](index=16&type=section&id=12%20Investments) The company's investments, categorized as short-term, long-term, and other financial instruments, totaled $69.3 million, $59.1 million, and $98.0 million (assets) respectively, with energy trading contracts driving significant fair value increases [Short-term investments](index=16&type=section&id=12.a%20Short-term%20investments) Short-term investments increased to $69.3 million, primarily comprising securities and funds held in the PLAO SPAC trust account, which are restricted for business combinations or share redemption Short-term Investments Breakdown (in thousands of US$) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Securities | 14,569 | 4,956 | | Investments held in trust account | 54,740 | 54,053 | | **Total** | **69,309** | **59,009** | [Long-term investments](index=16&type=section&id=12.b%20Long-term%20investments) Long-term investments increased to $59.1 million, with significant holdings in Patria Infrastructure Fund V, L.P. and KMP Growth Fund II, primarily located in Brazil Long-term Investments Breakdown (in thousands of US$) | Investment | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Lavoro Agro Limited | 7,172 | 11,337 | | KMP Growth Fund II | 20,525 | 20,525 | | Patria Infrastructure Fund V, L.P. | 21,729 | 8,479 | | Other investments | 9,665 | 7,575 | | **Total** | **59,091** | **49,216** | [Other financial instruments](index=18&type=section&id=12.c%20Other%20financial%20instruments) Other financial instruments, primarily energy trading contracts, saw significant expansion in Q1 2025, with asset fair value growing to $98.0 million and liabilities to $87.8 million Other Financial Instruments Fair Value (in thousands of US$) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Energy trading contracts | 94,440 | 25,169 | | Tria call option | 3,591 | 3,578 | | **Total Assets** | **98,031** | **28,747** | | **Liabilities** | | | | Warrants - SPAC | 7,245 | 6,143 | | Energy trading contracts | 80,511 | 17,686 | | **Total Liabilities** | **87,756** | **23,829** | [Note 14: Intangible assets and goodwill](index=21&type=section&id=14%20Intangible%20assets%20and%20goodwill) Net intangible assets increased to $777.1 million, primarily driven by a $60.4 million addition to goodwill from business combinations and positive translation adjustments, with goodwill reaching $424.1 million Intangible Assets Breakdown (Net, in thousands of US$) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Goodwill | 424,115 | 355,958 | | Contractual rights | 239,014 | 232,603 | | Non-contractual customer relationships | 76,049 | 74,825 | | Placement agents | 21,640 | 19,981 | | Other | 16,328 | 17,499 | | **Total Intangible Assets, Net** | **777,146** | **700,866** | - A deferred tax liability of **$58.2 million** was recognized with a corresponding increase in **goodwill**, related to fair value adjustments on intangible assets from business combinations including Moneda, VBI, GPMS, and Nexus[70](index=70&type=chunk) - **Goodwill** adjustments in Q1 2025 included a **$1.1 million** increase for GPMS, a **$1.0 million** decrease for Nexus, and a **$2.2 million** increase for Tria[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Note 16: Loans](index=26&type=section&id=16%20Loans) Total loans decreased to $192.3 million from $228.0 million, with $55.4 million in new credit facilities incurred and $91.0 million repaid, while the Group remained compliant with all financial covenants Loan Movement in Q1 2025 (in thousands of US$) | Item | Amount | | :--- | :--- | | Opening balance (Dec 31, 2024) | 227,971 | | Credit facilities incurred | 55,396 | | Credit facilities repaid | (91,011) | | Interest and other adjustments | (155) | | **Closing balance (Mar 31, 2025)** | **192,260** | - The Group is subject to financial covenants, including maintaining a Total Debt to Fee Related Earnings (FRE) ratio not exceeding **2.5:1.0** and a minimum Assets Under Management (AUM) of **$20 billion**[92](index=92&type=chunk) [Note 21: Commitments](index=32&type=section&id=21%20Commitments) The Group's commitments include $159.6 million in acquisition consideration payable, a $54.8 million SPAC commitment, and $22.4 million in gross obligations under put options [Consideration payable on acquisition](index=33&type=section&id=21.b%20Consideration%20payable%20on%20acquisition) Total consideration payable from acquisitions decreased to $159.6 million, primarily due to the settlement of Moneda deferred consideration via Class A common shares, with remaining payables for VBI, GPMS, and Bancolombia Consideration Payable on Acquisition (in thousands of US$) | Category | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Liabilities | 54,569 | 101,986 | | Non-current Liabilities | 104,986 | 121,238 | | **Total** | **159,555** | **223,224** | - On January 31, 2025, the Group settled the deferred consideration payable to Moneda partners by issuing **2,423,546 Class A common shares**[116](index=116&type=chunk) [SPAC commitment subject to possible redemption](index=36&type=section&id=21.c%20SPAC%20commitment%20subject%20to%20possible%20redemption) The SPAC commitment for possible redemption increased to $54.8 million, representing a financial liability for shares redeemable in cash upon business combination completion Movement in SPAC Commitment (in thousands of US$) | Item | Amount | | :--- | :--- | | Balance on December 31, 2024 | 54,053 | | Interest earned on trust account | 551 | | Deposits | 205 | | **Balance on March 31, 2025** | **54,809** | [Gross obligation under put option](index=37&type=section&id=21.d%20Gross%20obligation%20under%20put%20option) Gross obligation under put options increased to $22.4 million, primarily related to non-controlling shareholders in Igah GP IV and Tria, with the VBI put option derecognized in 2024 Gross Obligation Under Put Option (in thousands of US$) | Entity | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | VBI | - | - | | Igah IV | 2,510 | 2,503 | | Tria | 19,841 | 15,755 | | **Total** | **22,351** | **18,258** | [Note 22: Net revenue from services](index=38&type=section&id=22%20Net%20revenue%20from%20services) Net revenue from services increased by 24.5% to $79.6 million in Q1 2025, driven by higher management fees, with the Cayman Islands as the largest revenue source and significant growth in the United Kingdom Net Revenue from Services Breakdown (in thousands of US$) | Revenue Type | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net revenue from management fees | 76,575 | 62,604 | | Net revenue from incentive fees | 264 | - | | Net revenue from performance fees | 767 | - | | Net revenue from advisory and other | 1,961 | 1,304 | | **Total Net Revenue** | **79,567** | **63,908** | [Note 29: Equity](index=42&type=section&id=29%20Equity) The Group's equity details dual-class shares, with additional paid-in capital increasing from 4.5 million Class A share issuances for acquisitions and bonuses, a declared dividend of $0.1492 per share, and basic EPS of $0.09903 [Capital and Additional Paid-in Capital](index=42&type=section&id=29.a%20Capital%20and%2029.b%20Additional%20paid-in%20capital) The company's capital structure includes Class A and Class B common shares, with 158.1 million total shares outstanding and 4.5 million new Class A shares issued in Q1 2025 for acquisition settlements and employee bonuses - In Q1 2025, the company issued **2.4M shares** for Moneda deferred consideration, **1.2M shares** for the VBI option exercise, and **0.8M shares** for employee bonuses[158](index=158&type=chunk) [Dividends](index=44&type=section&id=29.c%20Dividends) The company declared and paid a Q1 2025 dividend of $0.1492 per share, totaling $23.6 million, a decrease from Q1 2024, with a portion funded by transferring $6.9 million from additional paid-in capital Dividends Declared (per share in US$) | Share Class | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Class A | 0.1492 | 0.3974 | | Class B | 0.1492 | 0.3974 | | **Total Paid (in thousands)** | **23,589** | **59,903** | [Share based incentive plans](index=44&type=section&id=29.d%20Share%20based%20incentive%20plans) The company operates multiple long-term incentive plans (LTIPs) issuing PSUs and RSUs, with a new LTIP launched in 2024 authorizing 5.38 million shares, and 61,404 RSUs from Grant C vesting in Q1 2025 - A new LTIP was approved on February 26, 2024, authorizing up to **5,380,000 shares** for grants[162](index=162&type=chunk) - Share-based incentive plan expense for Q1 2025 was **$3.6 million**, up from **$0.4 million** in Q1 2024[174](index=174&type=chunk) [Earnings per share (basic and diluted)](index=46&type=section&id=29.e%20Earnings%20per%20share%20(basic%20and%20diluted)) Basic EPS for Q1 2025 was $0.09903 and diluted EPS was $0.09791, a decrease from Q1 2024, primarily due to an increase in weighted average shares from issuances for acquisitions and compensation Earnings Per Share | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income attributable to Owners (thousands) | 15,664 | 15,449 | | Basic weighted average shares | 158,167,095 | 150,157,792 | | **Basic EPS (US$)** | **0.09903** | **0.10289** | | Diluted weighted average shares | 159,987,993 | 152,165,829 | | **Diluted EPS (US$)** | **0.09791** | **0.10153** | [Note 30: Business combinations](index=50&type=section&id=30%20Business%20combinations) This note details 2024 business combinations, including Tria, GPMS, CSHG Real Estate, and Nexus Capital, which were accounted for under the acquisition method, recognizing significant goodwill and intangible assets - Acquired a **66.67%** interest in Tria, an energy trading company, for a cash consideration of **$19.8 million**[198](index=198&type=chunk)[203](index=203&type=chunk) - Acquired a private equity carve-out from Aberdeen Plc to form the Global Private Markets Solutions (GPMS) vertical, with total consideration of **$135.4 million**[199](index=199&type=chunk)[203](index=203&type=chunk) - Acquired **100%** of Credit Suisse's Real Estate business in Brazil (CSHG) for a total consideration of **$128.6 million**[201](index=201&type=chunk)[203](index=203&type=chunk) - Completed a **100%** acquisition of Nexus Capital, a real estate asset manager in Colombia, for a total consideration of **$21.0 million**[202](index=202&type=chunk)[203](index=203&type=chunk) [Note 31: Financial instruments](index=53&type=section&id=31%20Financial%20instruments) This note provides an overview of the Group's financial instruments, their classification, fair value measurement, and associated credit, liquidity, and market risks, including sensitivity analyses for interest rate and currency fluctuations [Risk management](index=58&type=section&id=31.d%20Risk%20management) The Group manages credit, liquidity, and market risks through diversification, with credit risk considered low, and sensitivity analysis indicating a $4.8 million impact from interest rate changes and a $3.7 million negative impact from a 10% foreign exchange decline - Credit risk is considered low as the customer base consists of fund investors obligated to meet capital calls[231](index=231&type=chunk) - A **10%** increase in the price of Level 2 Long-term investments would increase net profit before tax by **$5.2 million**[241](index=241&type=chunk) - A **10%** decline in foreign exchange rates against the US dollar would have a net negative impact of **$3.7 million** on the company's financial position[247](index=247&type=chunk) [Note 33: Events after the reporting period](index=64&type=section&id=33%20Events%20after%20the%20reporting%20period) Subsequent to the reporting period, Patria announced strategic Real Estate acquisitions, sold a $65.6 million receivable, diluted its Tria holding, settled and renewed a $75 million loan, and paid a $0.15 per share Q1 2025 cash dividend - Announced three acquisitions in the Real Estate sector: six funds from Genial Investimentos, Vectis Gestao in Brazil, and AgroFibra REIT in Mexico[261](index=261&type=chunk)[263](index=263&type=chunk)[264](index=264&type=chunk) - On June 25, 2025, sold a **$65.6 million** receivable from PBPE Fund IV to Banco Santander for a discounted amount of **$58.4 million**[265](index=265&type=chunk) - A cash dividend of **$0.15 per share** for Q1 2025, totaling **$23.7 million**, was paid on June 12, 2025[268](index=268&type=chunk)

Group 1 - The article compares two stocks in the Financial - Investment Management sector: Patria Investments (PAX) and Apollo Global Management Inc. (APO) to determine which presents a better value opportunity for investors [1] - Patria Investments has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Apollo Global Management Inc., which has a Zacks Rank of 4 (Sell) [3] - Value investors consider various valuation metrics, including P/E ratio, P/S ratio, earnings yield, and cash flow per share, to assess whether a company is undervalued [4] Group 2 - PAX has a forward P/E ratio of 10.20, while APO has a forward P/E of 19.81, suggesting that PAX may be undervalued relative to APO [5] - The PEG ratio for PAX is 0.69, indicating a favorable valuation when considering expected earnings growth, whereas APO has a PEG ratio of 1.61 [5] - PAX's P/B ratio is 1.69, compared to APO's P/B of 2.8, further supporting the notion that PAX is a more attractive value option [6] Group 3 - PAX is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, positioning it as the superior value option at present [7]